March 25, 2007 Tng Hp v C Phiu

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Kinh Doanh L Vn Minh




March 25, 2007 Tng Hp v C Phiu

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C phiu ton tp
Hng dn v tin t v u t ca tp ch Wall Street











C phiu: Tham gia s hu cng ty
C phn l cc t l s hu ca mt cng ty. Khi bn mua c phn cng ty, hoc l cc c phiu, bn s hu mt
phn ca cng ty .
Mua c phn l u t vo vn gp ch s hu ca cng ty. Nu bn mua c phn ca cng ty bn s nm c phiu
xc nh quyn s hu i vi cng ty , v ngi ta gi bn l c ng. Bn mua c phn v bn k vng rng gi
tr c phn bn s hu s tng ln, hoc v bn k vng rng cng ty s tr bn khon thu nhp c tc, hay cng
chnh l mt phn trong tng s li ca cng ty. Trn thc t, nhiu c phn to c c hi tng trng ln thu nhp
(c tc). Khi mt cng ty pht hnh c phiu, cng ty ny s thu c tin t ln bn u tin. Sau , cc c phiu
thuc c phn s c kinh doanh, hay chnh l mua v bn gia cc nh u t, nhng cng ty s khng c c
mt khon thu nhp no thm c t cc hot ng kinh doanh ny. Gi ca c phiu tng ln hay gim i tu thuc
vo bn v cc nh u t khc sn sng chp nhn mua c phiu mc gi no ti thi im giao dch.
C phn ph thng
Hu ht c phiu M l thuc loi c phn ph thng. Nu bn mua c phn ph thng, s chng c m bo no
rng bn s kim ra tin trn . Bn chp nhn ri ro nu c phn ca bn khng tng ln v gi tr hoc khng
em li cho bn c tc. Trn thc t, hon ton c kh nng gi c phiu s gim, v bn c th thua thit mt cht
hoc ton b khon u t nu bn bn vo thi im thit hi. i li yu t ri ro bn phi gnh chu, bn li c
March 25, 2007 Tng Hp v C Phiu

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th thu c nhiu li nhun nu cng ty bn u t vo pht trin thnh vng-nhiu khi l li nhun rt ln. Thi
gian tri qua, cc c phiu ni chung, mc d l khng phi l vi mi c phiu, c xu hng tng ln v gi tr.

C phiu Marconi Wireless Telegraph Company, Hoa K, pht hnh 1913
C phn u i
Cc c phn u i cng l cc c phiu s hu pht hnh bi mt cng ty v c cc nh u t mua bn. Cc
c phiu ny khc c phiu ph thng ch chng gim bt ri ro ca nh u t-nhng chng cng li c th hn
ch bt phn li ch ca h. Khon li tc ca c phiu u i mang li c m bo v c tr trc khi c tc
ca c phiu ph thng c tr. Ngoi ra, c ng nm gi c phn u i c nhiu kh nng hn ly li mt phn
vn u t ca mnh trong trng hp cng ty ph sn. Nhng c tc li khng tng ln nu cng ty to ra nhiu li
nhun, v gi ca c phiu u i tng chm hn c phiu ph thng.
Cc nhm c phiu
Cc cng ty c th pht hnh nhiu nhm c phiu khc nhau, t tn chng khc nhau v nim yt chng trn cc
th trng c phiu khc nhau. i lc mt nhm c phiu ch r quyn s hu i vi mt b phn c th hoc mt
cng ty con (thuc s hu) ca cng ty. Nhiu trng hp khc, mt nhm c phiu cn ch r cc c phiu bn
cc mc gi th trng khc nhau, c cc chnh sch c tc khc nhau, hoc n nh cc iu kin hn ch v
phng thc bn hoc quyn biu quyt trn s s hu.
Tch c phiu
March 25, 2007 Tng Hp v C Phiu

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Khi gi ca c phiu tng kh ln, bn hay cc nh u t khc rt ngi mua bn, hoc bi v bn ngh gi ln ti
nh im hoc bi v gi nh vy mua rt t. Cc cng ty c mt la chn tch c phiu gim gi xung, v
bng cch ny h k vng hm nng hot ng mua bn. Khi mt c phiu tch nh, s lng c phiu a vo
giao dch tng ln, nhng tng gi tr th trng vn khng i. Ly v d c phn ca mt cng ty c giao dch
mc gi 100 -la mt c phiu. Nu cng ty thng bo tch c phiu hai-ly-mt, bn s c 2 c phiu mi cho mi
c phiu bn ang nm gi. Cng thi im ny gi gim cn 50 -la mt c phiu. Nu bn ang s hu 300 c
phiu bn th gi 100 -la/c phiu, th khi tch c phiu bn s s hu 600 c phiu mi tch gi 50 -la/c
phiu.
nh hng u tin ca mt v tch c phiu khng khc g so vi vic i tin. Nhng c kh nng gi c phiu s
tng tip ti tn mc trc khi tch, v nh vy lm tng tng gi tr th trng ca c phn ca bn. T l tch c
phiu c th l hai-ly-mt, ba-ly-hai, mi-ly-mt, hoc mt t l kt hp no .
Gp c phiu
Trong mt hot ng gp c phiu cng ty i mt s lng c phiu ln hn ly mt s lng nh hn-chng hn
10 c phiu gp thnh 5-nhm y gi ln tng ng. in hnh ca ng c cho loi tc nghip ny l nhm a
gi c phiu ln cao nhm tho mn mt trong s cc iu kin nim yt bt buc ti thiu hoc c phiu c mc
gi hp dn vi cc nh u t t chc (quy m ln), bao gm cc qu u t tng h v qu lng hu, nhng
nh u t thuc loi ny thng khng mua cc c phiu c mc gi rt thp.
Blue chips
Blue chips l thut ng vay mn t loi chi bi poker. Trong mt vn bi nh th blue chips l c gi tr tnh bng
tin cao nht. Trn th trng c phiu, blue chips nhm ch c phiu cc cng ty ln nht, v c kh nng sinh li
n nh nht. Tuy nhin danh sch cc c phiu thuc nhm blue chip khng c tnh cht chnh thc, v danh sch
ny vn c thay i.
V d c phn cng ty AT&T (Cng ty in tn v in thoi M)
Cng ty AT&T nm gi k lc v s lng c phiu ph thng ln nht. Vo thi im 31/3/1999 AT&T c
2.098.000.000 c phiu v 3.500.000 c ng.
S hu c phn cng ty trao cho bn quyn c biu quyt trong cc vn v chnh sch quan trng ca cng ty.
Vi t cch c ng, bn c quyn biu quyt trong cc quyt nh chnh sch quan trng, chng hn liu cng ty c
nn pht hnh thm c phiu, bn cng ty cho ngi mua bn ngoi hoc thay i hi ng qun tr. Ni chung,
cng nm gi nhiu c phn cng ty, ting ni ca bn cng c trng lng trong cc quyt nh ca cng ty. Nhng
nu bn nm gi c phiu trn mt nm, bn c quyn xut c tham gia ng c hi ng qun tr, min l
xut ca bn p ng c yu cu ca U ban S giao dch chng khon (SEC).
Cc c phn khng bng nhau
Thng thng, mt c phiu cho bn mt phiu bu. Tuy vy, mt s cng ty pht hnh cc nhm c phn khc
nhau vi cc c quyn biu quyt khc nhau. Khi c phiu c quyn biu quyt ln hn, s c tnh hnh mt nhm
c ng nh c th kim sot quyn iu hnh mt cng ty trong khi h s hu t hn 50% tng s c phiu cng ty.
Cch biu quyt
Bn c th d i hi c ng thng nin cng ty v t mnh biu quyt. Hoc, bn cng c th biu quyt bng
phiu ca mnh qua th bu in s dng hm phiu gi l thay th, biu quyt qua in thoi hoc i lc trc
tuyn qua mng Internet. Trc k hp hi ng c ng, bn nhn c mt thng bo thay i, mt loi vn bn
php l cung cp thng tin v cc thay i c d kin v hot ng qun l cng ty cn c s ph chun ca
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cc c ng. Theo lut nh, vn bn ny cn cn trnh by trc c ng cc xut, thm ch ngay c khi quy nh
ca cng ty khng yu cu iu ny. Thng bo ny cng phi ch r nhng ngi c c vo hi ng qun
tr, v c danh sch cc c ng ln ca cng ty. Cc quy nh mi ca SEC yu cu cc bn thng bo thay i
phi cung cp bng s /hnh v tng chi ph ca 5 v thnh vin hi ng qun tr c trch nhim cao nht. Thng
bo ny cng phi bo co y v tnh hnh gi c phiu ca cng ty trong tng quan vi cc cng ty khc
thuc loi tng ng trong cng mt ngnh cng nghip v tng quan vi ch s S&P 500.
Bn thng bo ny s ngh cc c ng bu mt hi ng qun tr mi v biu quyt mt s vn ca cng ty.
Cc thnh vin hi ng qun tr s gim st hot ng ca cng ty v t cc mc tiu pht trin di hn. Bn c
th ng h ton b k hoch, biu quyt khng ng h mt s mc tiu, hoc ng h mt s mc tiu v phn i
mt s khc. Bn thng bo ny trao quyn cho c ng biu quyt ng hoc khng ng hoc rt li cc
kin ngh xut v cc vn khc c nh hng n hot ng ca cng ty. Cc thnh vin hi ng qun tr
thng mun c ng biu quyt ng h cc vn h xut v khng ng h cc vn h khng thch. Nu
bn khng np li kin biu quyt ca mnh, phiu ca bn s khng c tnh.
Thi thay i
Cc nh u t t chc (ln) vn d u t vo cc khon c phiu ln cng lc cng i hi quyn c kin trong
cc cng vic iu hnh ca cng ty. Ly v d, h c th by t s lo lng v tnh hiu qu ca cng tc lp k
hoch ca hi ng qun tr v cch h gim st hiu qu hot ng ca v tng gim c. Cc nh u t ny cn
mun c xc nhn rng cc phng thc hot ng kinh doanh hin ti c kh nng sinh li mc chp nhn
c. Mt cch tng t, cc c ng n l quan tm nhiu ti vn x hi v mi trng ngy cng tch cc
tham gia vo qu trnh biu quyt. in hnh l h mun bit nhiu hn thng tin v cc chnh sch cng ty ng
chm n nhng vn nh nh hng mi trng sinh ra t hot ng ca cng ty, iu kin lm vic ca ngi
lao ng v cc nh cung cp, cng vi nhng mi quan tm o c khc. Mc d cc c nhn n l c th thy
kh khn c th gy p lc ln chnh sch cng ty mt cch trc tip, nhng cc yu cu ca h cng nh nhng
xut c ng khc c th buc cng ty phi gii thch v i lc sa i c phng thc thc hnh trong kinh
doanh.
Biu quyt lu k
Nu l c ng, bn thng in hnh nhn c mt phiu biu quyt cho mt c phiu s hu. Nhng khi bn
biu quyt v hi ng qun tr ca mt s cng ty, bn c th c quyn v c c hi biu quyt bng phiu theo
cch khng ging nh truyn thng. Theo cch truyn thng, gi l biu quyt lut nh, bn biu quyt cng s
phiu cho tng thnh vin qun tr iu hnh cng ty. Nhng mt khc, theo cch biu quyt lu k, bn c th gp
s phiu biu quyt v chia s phiu biu quyt lch nhau cho cc ng vin khc nhau. V d, nu bn s hu 100
c phiu v c 8 thnh vin c chn tham gia cuc bu chn, theo cch truyn thng bn b phiu cho mi ngi
l 100 phiu, v tng s l 800 phiu bu. Theo cch lu k, bn vn c th theo cch ny, hoc c th dn 800
phiu biu quyt ch cho mt vi ng vin, v khng bu phiu no cho cc ng vin khc. Thm ch, bn c th dn
s phiu lu k ton b l 800 cho ng mt ng vin. Mc ch ca biu quyt lu k l em li ting ni trng
lng hn cho cc c ng nh trong hot ng qun ch cng ty.
Gi tr ca c phiu thay i theo thi gian, tu thuc vo iu kin th trng, quan nim ca nh u t, v mt lot
cc vn khc.
Mt c phiu khng c gi tr c nh, v c o bng gi ca n trn th trng. Khi cc nh u t nhit tnh mua
c phiu v h tin rng l cch u t tt, gi tr c phiu s tng ln. Nhng nu h ngh rng trin vng cng ty
khng sng sa, v phng n l khng u t thm hoc bn bt cc c phiu h ang s hu, gi tr c phiu s
st gim. Nhng gi cng ch l mt thc o ca gi tr c phiu. Li trn u t (ROI), tc l khon tin bn thu
c t c phn nm gi, l mt thc o khc. nh gi kh nng sinh li tt trong tng lai, bn c th quan
st li lch s hiu qu tt ca cng ty cng nh tc tng trng vng vng.
Cc c phiu c tnh chu k
March 25, 2007 Tng Hp v C Phiu

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Khng phi tt c cc c phiu u c hnh vi ging nhau. Mt im khc bit quan trng l mc lin h gn gi ca
hot ng kinh doanh ca cng ty vi iu kin pht trin ca nn kinh t. Cc c phiu chu k l c phiu ca cc
cng ty c tnh l thuc cao vo trng thi ca nn kinh t. Khi mi hot ng gim nhp , li nhun cng ty gim
xung nhanh, v gi c phiu cng vy. Nhng khi nn kinh t phc hi, thu nhp tng ln v gi c phiu tng. C
phiu hng khng v khch sn c tnh chu k in hnh: Mi ngi c xu hng ct gim chi ph i li v ngh ngi
khi nn khi t chm pht trin. Ngc li, gi c phiu cc cng ty cung cp cc dch v c bn v hng ho thit
yu, chng hn thc phm, li c xu hng ng tng i n nh.
Chn ng thi im
Bi ton sinh li nhun, d nhin, l mua c phiu trc khi ngi khc x vo mua v bn chng trc khi
ngi ta quyt nh tho khon. Quyt nh chn ng thi im ng ngha vi vic bn buc phi ch ti cc
yu t:
Tc tng trng ca li nhun ca cng ty;
Tnh cnh tranh ca sn phm v dch ca cng ty;
S tn ti/xut hin ca cc th trng mi;
Sc mnh qun l v cc nhc im;
Mi trng kinh t tng th m cng ty hot ng trong .
nh cc bng xc sut
u t l mt v nh cc, nhng nh cc cch ny khng ging c cc ua nga. Trn th trng c phiu,
nh cc t bn thn nh hng n kt qu. Nu rt nhiu ngi nh cc trn c phiu Atlas, gi Atlas s
tng. C phiu tr nn c gi tr khi nhiu nh u t mun s hu n. iu ngc li cng ng: Nu cc nh u
t bn c phiu Zenon, gi tr ca n s gim i. Gi m cng gim, cc nh u t cng mun bn ra.
Tm kim li nhun t c phiu
Bn c th to ra li nhun bng cch bn c phiu mc gi cao hn mc gi khi bn mua chng, hoc bng cch
thu v cc khon c tc trn c phiu, hoc c 2 cch. Lng li nhun bn kim c t vic bn c phn nm gi
c gi l li vn. ng nhin, c th bn khng c hng ton b s ny, v c th bn phi tr thu trn
phn li vn ny nhng nu bn s hu c phn ca bn mt nm hoc lu hn na, n c th s tr thnh mt th
li di hn. iu ny c ngha l bn c th hng mc thu sut thp hn, mt s quc gia, so vi mc bn tr
li ca c tc hay cc phng n u t khc ngn hn hn.
C tc l mt phn li nhun cng ty thu c v dnh ra tr cho c ng cng ty. Hi ng qun tr cng ty s
quyt nh mc c tc bao nhiu tr, hoc liu cng ty c nn tr c tc khng. Thng thng, ch cc cng ty
ln v trng thnh mi tr c tc, trong khi cc cng ty b hn thng ti u t li nhun tip tc pht
trin. Cc c phiu c tr c tc thng c gi l c phiu thu nhp, trong khi cc c phiu tr rt t c tc
hoc khng tr c tc m dng li nhun ti u t c gi l c phiu tng trng.
Vi chng khon, cc chng ch s hu c phn l loi giy t ghi chp truyn thng, v thng rt t m, v quyn
s hu c phn-nhng ngy nay chng cng lc cng him thy.
Trc k nguyn h thng d liu in t, cc bng chng ghi chp, c gi l chng khon, rt cn thit cho
cng vic theo di vic u t. Ngy nay, ta thng khng cm cc chng ch hin vt trn thc t, mt s cng ty
mi gii cn yu cu tr ph pht hnh cc chng ch ny. Thay v cc chng ch, ngy nay thng tin c lu tr
trn cc tp tin ca my tnh. Ging nh nhiu nh u t, bn c th la chn c phiu ca mnh c ng k
di tn cc cng ty mi gii chng khon. Cch ny khin cho vic bn c phiu d dng hn, v bn khng cn
phi mang cc chng ch ti ngi mi gii na. Cng c ngha l an ton hn. Hng t -la gi tr chng khon
nm trn cc chng ch nh th b tht lc hoc b mt cp mi nm. Tuy nhin, chng ch chng khon vn c s
quyn r ca n, v thay v t b cc chng ch v tnh li thi, nhiu cng ty ang thit k li chng c hnh nh
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mi v tnh hin din. Mi chng ch s hu c phn cng ty c du hiu ring bit, nhng u cng mang mt s
nht nh c tnh hin din chung.
S ng k c gn cho cc chng ch s hu c phn do y ban qun l s giao dch chng khon (SEC) cung
cp l mt cch xc lp hp l v quyn s hu. Cc chng ch c phiu c th chit khu ly tin mt, nhng
vn c mt s cch theo di v hn ch khin cho vic mua bn cc c phiu nh cp rt kh khn.
Du cng ty ca nh pht hnh, c ngy v a ch thnh lp, c in dc theo y ca chng ch.
Cc chng ch c thit k c cc mng mu sm trn loi giy sn xut theo qui trnh c bit m bo rt kh
lm gi. Cc ho tit hnh hc phc tp bao quanh hnh thnh nn vin bao quanh c to ra bi cc my lp
trnh theo cc s ring bit khin cho vic sao chp rt kh khn. Chng cng c in ra t cc loi khun
intaglio nn hnh nh in ra c cm gic ni ln.
Tn ngi nm gi c phiu (c ng) c ghi r trn b mt ca chng ch. thc hin sa i v quyn s
hu hoc mua bn c phiu, ngi ta phi k hu vo mt sau ca chng ch ny v np ln cho cng ty pht
hnh hoc nh mi gii.
S CUSIP l mt s nhn dng gm 9 ch s c gn cho tng c phiu M. Mt u ban c tn l y ban v cc
th tc nhn dng chng khon thng nht c Hip hi cc nh ngn hng M thnh lp tr thnh mt
phng thc bo v v theo di tt c cc chng khon c giao dch.
Mc d gi danh nh ca mt c phiu thuc c phn c mt thi gn vi gi tr u t, ngy nay cng ty pht
hnh chng khon ch n nh mt con s, in hnh t 25 cent ti 1 -la trn mt c phiu, hon ton ch phc
v chc nng v mc ch ghi chp k ton.
Ngc li, gi danh nh ca tri phiu, cn gi l mnh gi, l mt khon tin ghi nhn s c tr khi o hn.
Khon tin li m tri phiu mang li cho ngi u t l mt t l phn trm ca mnh gi .
Trn chng ch s hu chng khon, tn ca cng ty pht hnh c in rt r rng. Mt hnh chn dung ngi vi
cc c tnh khun mt nhn dng r rt bt buc phi xut hin t nht ca trang mt ca c phiu ang giao dch
trn S giao dch chng khon New York . Nhng hnh ny v cc hnh nh xung quanh hoc pha sau c b
sung sa i to dng hnh nh mi cho mt s cng ty. Cc ng khi nh khi chng hn ngy nay bin mt.
S thay i ny nhn mnh vo trch nhim mi trng hoc thay i trong i sng hin ti.
S c phiu m chng ch c phn i din c xut hin vi ln trn t chng ch.
Ln u tin mt cng ty pht hnh c phiu c gi l bn ra cng chng (going public).
Qu trnh bn ra cng chng, hay cn gi l chuyn cng ty thnh i chng, c ngha l to iu kin ngi
ngoi cng ty c th mua c phn ca cng ty. cho bn ra cng chng, ban gim c ng k c phn vi y
ban chng khon v giao dch (SEC) v thc hin pht hnh ln u ra cng chng, thng gi l IPO.
T s hu t nhn n s hu i chng
Con ng i ti tnh s hu i chng thng bt u t vic ngi khi s doanh nghip (entrepreneur) mang
sn mt tng kinh doanh mt sn phm hay dch v v vay mn tin khi s cng vic kinh doanh. Nu
cng ty tng trng, ngi kinh doanh ny c th thu ht thm ngun tin m rng kinh doanh t th trng vn
t nhn. Ti y, cc nh u t giu c, cc cng ty u t v cc ngn hng tp trung tin vn li gi l vn mo
him v h sn sng chu ri ro u t vo mt doanh nghip mi i ly vai tr tc ng ln cch thc iu
hnh doanh nghip ny v cng chia x li nhun thu c.
Pht hnh ra cng chng
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Nu mt cng ty nh cm nhn rng dch v v sn phm ca mnh thu ht c nhu cu ln, hot ng cng ty c
th nhanh chng vt qu kh nng u t ca cc nh u t ri ro c th cung cp ti chnh cho qu trnh tng
trng mnh. l lc cng ty quyt nh pht hnh ra cng chng. u tin, ban gim c ti gp g cc ngn
hng u t c kh nng ng bo lnh cho qu trnh pht hnh c phiu; ngha l ng mua tt c cc c phiu
mc gi thng nht v sau bn li chng cho s ng cng chng, hy
vng l mc gi c li. Nh bo lnh gip cng ty son tho bn co bch
(prospectus), tc l mt bn phn tch chi tit v lch s ti chnh ca cng ty,
cc sn phm hoc dch v, trnh v kinh nghim ca ban gim c iu
hnh. Bn co bch cng nh gi cc loi ri ro khc nhau m cng ty phi
i mt.
Thu ht nh u t
Vic bn c phn d kin s c thng bo trn bo ch ti chnh. Cc qung
co thng c gi l bia v cch thc ngi ta in phn qung co trong
khung vin en v in m. Cc cng ty bo lnh pht hnh cng c th t chc
cc cuc hp gia ban gim c cng ty v cc nh u t t chc ln, nh
ngi qun l qu hu tr, cc qu u t tng h. Trc ngy thc t bn c
phn, cc nh bo lnh s nh gi pht hnh, hoc xc lp mc gi m chnh
h s tr cho mi c phiu. Khi c phn bt u c mua bn ngy hm sau,
gi c th tng ln hoc gim xung, tu thuc vo tnh hnh liu nh u t c nht tr hay khng ng vi cch
nh gi ca nh bo lnh pht hnh cho cng ty mi ny.
Bn trc tip
Mt s cng ty chn cch i ng tt thc hin IPO bng cch cho bn trc tip ti cc nh u t, hoc bn
c phiu trn Internet thng qua mt cng ty mi gii in t. Loi hnh cho bn t mnh lm ly ny tit kim c
tin bng cch loi b bt cc khon chi ph phi tr cho nh bo lnh. Tuy vy, cng ty vn phi m bo tho mn
cc quy nh h s lu ca SEC. Mt nhc im quan trng ca cho bn trc tip cc c phiu cha nim yt
chnh thc trn mt s giao dch chng khon hoc khng c gim st bi cc phn tch vin th trng l thng
vic giao dch xy ra quy m rt b, hoc khng thng xuyn. iu ny c th hn ch s hng th ca nh u
t vo chnh c phiu .
Bn th cp
Nu mt cng ty pht hnh c phiu, nhng mun tip tc tng vn thm na thng qua bn thm c phn, qu
trnh c gi l bn th cp. Cc cng ty thng t ra lo lng i vi vic pht hnh thm c phiu, v l do
cng nhiu lng cung c phiu, gi tr tng c phiu n pht hnh s nh i. Chnh v l do ny, mt cng ty
trong trng hp in hnh ch pht hnh thm c phiu nu gi c phiu ca cng ty ang cao. gi thm ngun
tin, cng ty c th quyt nh pht hnh tri phiu, hoc i lc l cc tri phiu chuyn i hay c phiu u i. Mt
cng ty nhn c tin ch khi c phiu ca n c pht hnh ln u. Tt c cc giao dch tip theo ch c ngha
li hay l cho c ng (ngi nm gi c phiu) ch khng c lin quan g ti cng ty pht hnh c phiu .
Tt c cc nh u t mua c phn v cng mt nguyn nhn: tm kim li nhun. Nhng thc t l h tin hnh
mua rt khc nhau.
Con s c lng l khong 43% cng dn M s hu c phn, gn nh gp i con s u t vo c phn vo
nm 1990. H s hu khong 80% tng s c phn trn th trng M, hoc trc tip hoc gin tip thng qua cc
qu u t tng h. V h cng tham gia ti 45% tng lng giao dch do h mua v bn cc c phiu do chnh h
nm gi.
Khong 60% nhn nh rng khon u t ca mnh c gi tr t nht 10.000 -la, hoc u t vo c phiu ca h
chim hn 20% ca tng cc khon u t c nhn, so vi con s 10% vo nm 1990. V vi con s ngy cng
tng, tng gi tr danh mc u t (portfolio) ca h vt qua con s tng gi tr nh , lm o ngc c mt xu
hng di hn.
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Cc nh u t t chc
Mt nh u t t chc l mt t chc mang ti sn ca chnh t chc hoc c ngi khc u thc u t.
Cc nh u t t chc in hnh l cc cng ty u t (bao gm c qu u t tng h), cc h thng qu lng
hu, cng ty bo him, cc trng i hc v ngn hng. Ly v d, CalPERS l mt qu lng hu i chng ca
California, c 93 t -la tng ng 67% tng ti sn nm dng c phn, tnh vo thi im u nm 1999. V l
do nh u t t chc thng nm rt nhiu tin u t v cam kt u t sinh li, do h tham gia giao dch
thng xuyn v quy m rt ln.
Mt lnh mua hay bn cn t s lng 10.000 c phiu hoc nhiu hn na c xp vo loi giao dch t
chc-thc cht l con s khim tn so vi mt qu u t tng h ln ang ho hc a ng tin ca nh u t
vo hat ng.
Kinh doanh theo chng trnh l g?
Mt s cc nh u t t chc y nhanh qu trnh giao dch s dng cc chng trnh my tnh mua v bn s
lng ln c phiu. Cc chng trnh i lc t ng thc hin lnh giao dch khi cc mc gi chm ti cc mc
xc nh trc. Vic mua bn theo chng trnh t ngt nh vy c th gy ra cc thay i gi chng khon bt
thng hoc c th lm sinh ra nhng dch chuyn t bin trn ton th trng chng khon. V sp th trng
chng khon nm 1987 M xy ra t nht c mt phn nguyn nhn l do giao dch theo chng trnh thc hin do
gi st xung. K t , cc th trng c phiu a vo s dng h thng an ton-gi l cu ch- gim thiu
hot ng mua bn hoc dng hn kinh doanh c phiu li trong trng hp th trng ri qu nhiu v qu nhanh.
Cch thc mua
Nu bn c quan im u t di hn, bn c th mua mt c phn v gi cho ti khi c phn t n mt mc
gi tr tng ng k - trong mt s trng hp c th tnh bng nm. Hoc bn c th tm kim li nhun nhanh
chng qua c phiu vi cc loi c phiu m bn k vng s c mc gi tng t bin trong vng mt thi gian ngn.
Khi gi c phiu tng, bn s bn v mua cc loi ti sn khc. Hng kinh doanh ny gi l giao dch ngy hoc
nh thi th trng.
Cc nh u t t chc v cc nh kinh doanh c phiu chuyn nghip, tn dng cc chng trnh phn tch phc
tp, thc hnh kinh doanh theo cch nh thi lng th trng nhiu nm. Nhng gn y, cc nh kinh
doanh khng chuyn c kh nng truy cp ti cc lung thng tin ln v gi trn c ch trc tuyn, chng hn qua
Internet, bt u tham gia loi hot ng ny.
Hot ng giao dch ngy tng ln ang to ra mt s thay i nhanh chng trn th trng, m mt trong nhng
thay i l tng nhanh mc dao ng, v ngy cng nhiu cc nh u t c lp nhy ra nhy vo th trng
trong mt n lc tm kim li nhun nhanh chng.
Nhiu chuyn gia lo lng rng s d dng thao tc giao dch trc tuyn thu ht nhiu nh u t cn b ng lao vo
th loi kinh doanh ny. Cc chuyn gia cnh bo rng thc hin kinh doanh thnh cng lun lun kh khn k
c trong trng hp tt p nht, v n lun lm tng c hi thua thit v ti chnh.
Cu lc b u t
Nu bn mun tham gia vo th trng c phiu nhng ngn ngi phi t mnh bt u mi th, bn c th tham gia
mt trong s 37.000 cu lc b u t ti M hoc t chc ring cu lc b ca bn.
Trong khi cu lc b u t c rt nhiu li th - trong s l to dng s tin cy, chia x gnh nng chi ph nghin
cu u t v c th xy dng mt danh mc u t phn tn ri ro th vic tham gia mt cu lc b khng nht
thit m bo li nhun vt tri. Mt trong cc vn tn ti l qu trnh ra quyt nh thng phi da trn
nguyn tc nht tr. iu ny cng ng ngha vi vic i lc phi nht tr mua v bn theo cc quyt nh ngc
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vi kh nng nhn nh ca bn m c th l tt hn. Mt nhc im khc na l nhiu cu lc b mua cc l nh
c phn, khin cho chi ph hoa hng giao dch tng ln tng i.
Hu ht cc cu lc tun th cc hng dn ca Hip hi quc gia ca cc cu lc b u t (NAIC). Nu bn quan
tm, c th tham kho web site www.better-investing.org
Quy m to nn s khc bit
Quy m mt cng ty, hoc cn goi l tng gi tr th trng, l mt tc nhn quan trng cn nhc khi bn quyt
nh mua c phiu no. Gi tr th trng c tnh bng cch nhn tng s c phiu c th lu thng vi th gi hin
ti ca c phiu. V d, mt cng ty c 100 triu c phiu ang lu thng vi mc th gi hin ti l 25 -la mt c
phiu s c tng gi tr th trng l 25 t -la. S di y tm tt li nhng khc bit c bn gia cc cng ty
c tng gi tr th trng ln, va v nh.

Mua c phn khng kh, nhng qu trnh ny c quy tc ring ca n, c ngn ng ring v c tnh ring.
mua hoc bn mt lng c phn, bn thng phi thng qua mt nh mi gii, l mt loi cng ty u t thnh
vin ca s giao dch c phiu. Doanh v ca bn c gi vo tay mt ngi mi gii, ngi ny vt qua mt
k thi v lut chng khon v c ng k vi y ban Chng khon v S giao dch (SEC).
Bn cng c th mua c phn trc tip t cng ty pht hnh thng qua k hoch ti u t c tc (DRIP). Mt s
lng ln cc cng ty xut loi k hoch ny v ch yu cu nt mt khon ph nh x l giao dch ca bn.
Nu bn ng k tham gia, c tc ca bn t ng c ti u t mua nhiu c phiu hn, v bn c th thc
hin c vic mua thm bng tin mt na.
Tn gi ni ln iu g?
Mc d bn c th s dng thut ng nh mi gii m t nhng ngi chuyn nghip lm vic mua v bn c
phiu, nhng th trng ti chnh li s dng cc thut ng khc, nhng tn gi t s dng rng ri m t cch
thc thc hin trao i chng khon nh sau.
Ngi mi gii(broker) x l cc lnh mua v bn chng khon do cc khch hng t chc hoc t nhn a ra, v
h lm nhn hoa hng.
Xa xa ban u, broker ngi mi gii l ngi bn ru. H vn chuyn, b vc v m cc thng ru. Ngy
nay broker khng cn lm vic vi cc cht lng na m l cc cng vic th v ca mt i l ti chnh.
Ngi kinh doanh (dealer) mua v bn chng khon trn ti khon ca mnh hoc ti khon cng ty m h lm vic,
ch khng thc hin cho khc hng. Ngi kinh doanh kim tin da trn mc chnh lch gia phn tin h mua
chng khon v phn thu li c khi bn chng khon. Ngi kinh doanh chng khon c th cn c gi l
broker-dealer, v thc t h lm c 2 loi vic.
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Ngi giao dch(trader) cn gi l nh giao dch tc nghip c ng k hay cnh tranh, mua v bn cc chng khon
cho portfolio ca mnh. Thut ng trader cng m t nhn vin ca ngi kinh doanh loi broker-dealer, thao tc v
x l cng vic giao dch chng khon ca cc cng ty.
S hnh trnh kinh doanh chng khon
Khch hng a lnh mua v bn
Khi bn yu cu broker mua hoc bn c phn mc th gi hin ti, bn ang thc hin lnh cho th trng. Gi
bn tr (hoc thu v) thng l ging nh hoc gn bng vi mc cho bn nhn c khi t lnh, tu thuc vo
tc x l v mc si ni ca loi c phn giao dch.
Nu bn ngh gi c phiu bn mun giao dch sp thay i, bn c th t lnh gii hn. Loi lnh ny yu cu
ngi mi gii mua hay bn ch khi no c phiu t mc gi bn ch nh, hoc mc gi tt hn.
Lnh dng yu cu ngi mi gii mua hoc bn th gi mt khi gi c phiu chm ti mc gi nhm ti
c ch nh r, gi l gi dng. Cc lnh dng thng thng c t ra gii hn mc thua l hoc bo v
li nhun. Mt tiu cc ca lnh ny l chng c th c thc hin mc gi cao hn hoc thp hn gi dng (v
l do c phiu giao dch mc th gi sau khi chm gi dng).
Khi bn a ra lnh dng hoc lnh gii hn, ngi mi gii ca bn s hi liu bn c mun dng lnh GTC (Good
til canceled, tc l c gi tr cho ti khi b hu b) hoc lnh ngy (day order). Lnh GTC lun c hiu lc cho ti khi
n c hon thnh hon ton hoc chnh bn hu b n. Lnh ngy c hu b t ng nu khng thc hin
c ton b lnh vo cui ngy giao dch.
Cng ty mi gii x l giao dch
Mt s ngi mi gii, thng gi l ngi mi gii dch v tng th, cung cp hng lot dch v ngoi chc nng
ch thc hin cc lnh mua v bn cho khch hng. Cc dch v khc c th bao gm: nghin cu u t, xy dng
mc tiu u t ngn hn v di hn.
Ngi mi gii chit khu (discount broker) thc hin cc giao dch cho khch hng, nhng in hnh h ch cung
cp thm mt s loi dch v hn ch. Mc ph ca h thng thp hn nhiu so vi mi gii dch v tng th. V
i vi cc nh u t nhiu kinh nghim, nhng ngi giao dch thng xuyn v trn khi lng c phiu ln, cn
c loi mi gii chit khu nhiu (deep-discount broker). Nhng ngi mi gii loi ny thu ph cn thp na.
Phng php giao dch c phiu chi ph thp nht, tuy nhin li l qua cc cng ty mi gii trc tuyn (online
brokerage). Nhiu cng ty mi gii chit khu v dch v tng th c vai v ngy nay cn chit khu chi ph ng k
i vi cc khch hng mua v bn qua mng (trc tuyn).
L chn:
Thng thng bn mua v bn c phn theo cc khi c phiu, vi s lng 100 c phiu mt khi (hay cn gi l
l). L 100 c phiu nh vy gi l l chn (round lot). Cc nh u t nh c th mua ch 1 c phiu, hoc s lng
c phiu no m h tin tr. S lng nh khng thuc l chn nh vy gi l l l. Cc nh mi gii thng thu
ph cao hn vi cc lnh t mua bn l l.
Th trng c phiu phn nh hot ng
Thng tin cp nht l dng mu nui sng hot ng giao dch. Thng tin khng ch phn nh cc quyt nh u t
hin ti m cn nh hng n nhng g s xy ra gi hoc cc phin giao dch tip theo.
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Hot ng giao dch ca cc c phn n l v ca ton th trng tng th c cp nht lin tc trn mng
internet, trn i v ti-vi, v cn c tm tt trn cc t bo ti chnh hng ngy, chng hn t Nht bo Ph Wall
(Wall Street Journal). Chuyn ng chung ton th trng thng c theo di bi cc ch s v mt s i lng
trung bnh, chng hn Trung bnh cng nghip Dow Jones (DJIA) hay ch s S&P 500 c phiu.
Truy cp vo cc thng tin trc tuyn ang thay i mt cch ngon mc phng thc u t ca cc c nhn. Ch
cn tham gia thc hnh mt cht, bn c th nghin cu lch s ti chnh ca mt cng ty c th, tn dng cc
phn mm s dng trc tuyn gip bn la chn loi c phiu ph hp hoc truy cp ti cc trang cung cp
thng tin bo gi trc tuyn. Cc nh u t cng c th s dng thng tin ny phn tch nh hng cc quyt
nh mua v bn ti cc portfolio ring ca mnh cng nh lp k hoch cho cc giao dch v sau.
Tin ph hoa hng chy vo u
Tin ph bn tr mua v bn c phiu c chia theo hp ng dn xp t trc gia ngi mi gii ca bn v
cng ty mi gii. Tin hoa hng v bt k khon ph no u do cng ty mi gii t ra, nhng ngi mi gii ca
bn c th to iu kin thay i mc ph nu bn thng xuyn tham gia giao dch v giao dch vi khi lng
ln. Ni chung, ph cng cao th cng nhiu c hi bn thng tho v mc c.
Mt s nh u t c phiu chp nhn mc ri ro cao hn bnh thng k vng mc li nhun cao hn.
Khng phi tt c cc giao dch c phiu u l hnh vi mua v bn n thun. C nhiu chin lc c th s dng
tng thm mc li nhun, mc d chng cng gp phn lm tng thm ri ro lm mt tin ca bn. Cc chin
lc ny bao gm c bn khng (selling short) v mua chng quyn (warrant). C 2 phng thc u t ny u
da trn tnh ton xc sut xy ra nhng thay i v gi ca mt loi c phiu nht nh, hoc l gim rt nhanh v
gi (vi trng hp s dng selling short) hoc l gi tng ln ng k vi trng hp mua chng quyn.
Bn khng hot ng nh th no
Trong khi phn ng cc nh u t khi mua c phiu k vng rng gi c phiu s tng ln, mt s khc li u t
khi h ngh rng gi c phiu s gim xung nhanh chng, c th mc ng k. Hnh vi u t ca h c m t
l selling short, hay tm gi l bn khng.
thc hin selling short, bn c th vay mt lng c phiu no t nh mi gii, v d nhin bn khng s hu
s c phiu ny, ri ra lnh bn chng i thu tin mt v. Sau , bn i tnh hung gi ri xung xy ra. Nu ng
l gi suy gim nhanh chng, bn s c c hi mua li cc c phiu mc gi thp hn ng k, v hon tr li
cho ngi mi gii s c phiu m bn vay (cng thm vi tin li phi tr v ph mi gii) v hng ton b phn
chnh lch.
Chng hn, bn c th sell short 100 c phiu mc gi 10 -la mt c phiu. Khi gi c phiu ny ri, bn c dp
mua li mc gi 7.5 -la v mua vi s lng 100 c phiu. Sau khi tr khi 2.5 -la chnh lch tin ph mi
gii, bn s hng phn cn li. Khi bn mua c phiu tr li trong chu trnh ny, hnh vi c gi l kho s
trng thi short.
Mua tn dng cho php cc nh u t vay mt s lng tin nht nh h cn mua c phn.
Nu bn mun tng lng li nhun trong tng lai i vi khon u t vo c phn, bn c th by khon mua
c phiu ca bn bng phng php mua tn dng. iu ny c ngha l c th vay ti khong 50% th gi c phiu
t chnh broker. Nu bn c th bn c phiu mc gi cao hn mc gi khi mua, bn c kh nng thanh ton
khon n, thm vo l c ph hoa hng ln li ca phn vay, v hng phn li nhun chnh lch. Tuy vy, nu
gi c phiu gim, bn vn c trch nhim phi thanh ton khon n. V nu bn buc phi bn c phiu mc gi
thp hn mc khi mua, khon thua l ca bn c th ln hn nhiu so vi trng hp bn s hu c phiu ngay t
u.
Ti khon mua tn dng
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c th mua tn dng, bn phi m mt ti khon mua tn dng (gi l margin account) vi ngi mi gii v
chuyn vo mt lng tin mt ti thiu theo yu cu, hoc l mt lng chng khon. Sau , bn c th vay
ti 50% ca gi tr th trng ca mt lng c phn ri mua c phiu th trng vi cc ngun tin kt hp.
Ly v d, nu bn mua 1.000 c phiu mc gi 10 -la/c phiu, tng s tin phi thanh ton l 10.000 -la.
Nhng nu mua tn dng, bn s b ra 5.000 -la v vay phn cn thiu l 5.000 -la. Nu bn bn khi gi c
phiu tng ti 15 -la, bn thu v tng gp l 15.000 -la. Bn phi tr li 5.000 -la i vay v gi li 10.000 -la
(sau tr tip li phi tr v cc khon ph hoa hng dch v). Nh vy, hu nh 100% l li nhun. Nu bn phi
tr ton b 10.000 -la bng tin ti, li sut gii hn khong 50%, hoc l 5.000 -la.
By gi tr u t
By c hiu l u c (theo ngha rng v k thut). N c ngha l u t bng mt khon ti chnh i vay
mc li sut c nh, k vng thu c li sut ln hn. Ging nh ci tay n, mt loi cng c n gin c ci tn
cng n gin, by gi tr cho php ngi s dng cng c ti chnh tn dng sc mnh ti chnh vi mt lng
tin mt kh nh.
Cc cng ty s dng by - c gi l kinh doanh trn vn khi cc cng ty pht hnh c c phiu ln tri phiu.
Thu nhp tnh trn c phiu c th tng bi v quy m hot ng c m rng tng ng vi phn tin huy ng
vo thng qua tri phiu. Tuy nhin, cc cng ty sau phi dng mt phn khon thu c thanh ton li ca
tri phiu.
X l s d tn dng
Bt k s ha hn tim tng v li, mua c phn bng tn dng cha ng nhiu ri ro. Chng hn, gi tr c phiu
bn mua c th gim xung ti mc c bn ton b c phiu i cha chc tr khon vay.
bo v cho cc cng ty mi gii chng khon khi b l nng n, S giao dch chng khon New York (NYSE) v
Hip hi quc gia cc nh kinh doanh chng khon (NASD) yu cu cc nh u t dng phng thc mua tn dng
phi duy tr lng s d mc 75% ca tng gi tr c phiu phi thanh ton, tc l thm 25% na so vi mc 50%
bn c th vay c. Cc cng ty c bit cn yu cu mc s d cao hn, nhng hu nh khng bao gi thp hn
mc ny.
Nu gi tr th trng ca c phiu gim xung di mc yu cu ti thiu, cng ty pht hnh yu cu x l s d tn
dng (margin call). Bn buc phi hoc p ng yu cu bng cch chuyn thm tin vo ti khon ca bn a
n ln mc yu cu ti thiu, hoc bn bt hoc ton b c phiu, thanh ton cho ngi mi gii ton b v chp
nhn khon l.
V d, nu s c phn bn mua gi tr 10.000 -la gim gi tr xung cn 6.500 -la, s c phn ny ch cn gi tr
bng 65% so vi khi mua. Nu nh mi gii ca bn yu cu s d bt buc l 75%, bn s phi chuyn thm vo
ti khon 1.000 -la na gi tr ti khon tn dng ca bn t mc ti thiu 7.500 -la, hay l 75% ca 10.000
-la khon phi thanh ton.
Trong qu trnh sp th trng, hoc nhng c st gim t bin, cc nh u t s dng by ti chnh mnh do
mua nhiu tn dng trn loi ti khon ny khng c kh nng p ng yu cu x l s d tn dng (margin call).
Kt qu l vic bn c phiu trong trng thi hong lon thu hi tin mt v v tip tc lm th trng st gim.
y l mt trong cc l do khin cho U ban qun l s giao dch chng khon yu cu thc hin Quy tc T, theo
gii hn t l vay mua chng khon theo phng php mua tn dng nh trn ti a l mc 50%.
Lng ti thiu
m ti khon mua tn dng, bn buc phi gi vo mt lng tin ban u ti thiu l 2.000 -la tin mt
hoc loi chng khon hp l no (ngha l loi chng khon m ngi mi gii ng l c gi tr tng ng).
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Cc giao dch tn dng buc phi c thc hin qua ti khon ny, kt hp gia tin mt bn ang c v phn tin
bn vay c t nh mi gii.
ng ca hng
Thng th chnh ph v cc c quan thc thi lut hot ng hiu qu trong cng tc tm ra cc phng n phng
nga thm ho ti chnh-sau khi chng xy ra. Cc quy tc v quy nh qun ch hot ng mua bn chng
khon c thit k trong bi cnh cn nhc ti 2 t sp ln ca th trng c phiu.
Thng tin cp nht l dng mu nui sng hot ng kinh doanh chng khon. Nhng thng tin bo co thu xa
c dn bng bng dnh, ngy nay hon ton bin thnh d liu in t.
Cc nh u t, d l c nhn hay t chc ln, u c th theo di cc din bin ln xung ca th trng chng
khon, v nhng thay i theo tng pht ca th gi chng khon trong sut c ngy giao dch nu h mun. Nhng
thng tin loi ny c ng ti trn hng chc chng trnh pht thanh, truyn hnh, truyn hnh cp v ngy cng
m rng hot ng thng qua cc trang web tng tc trn ngi ta c th kt hp mu sc, hnh nh, m thanh
ho.
Trong khi thng tin hot ng mua bn hin ti ch l mt phn ca lng thng tin cn thit a ra quyt nh
u t di hn, l mt v d v m v kh nng truy cp ti cc th trng ca M.
Nghin cu qua mng Internet
Phn ln lng thng tin m bn cn phc qu trnh ra quyt nh u t ca mnh u c th tm c trn
Internet, mt phn c th c cung cp min ph, mt phn c th c cung cp khi bn s dng dch v ca nh
mi gii.
Ngy nay hng ngn trang ch Internet ti chnh v cng ty, th thng bo, FAQs (hay cc thng bo dng hi-
p), v cc din n cng khai trn Internet cung cp y lng thng tin, t cc bo co cn bn v hu ht
cc loi c phiu c mua bn rng ri trong cng chng cho n cc phn tch kinh t v cc i lng thng k
quan trng ca th trng. Nhiu nh xut bn ti chnh thm ch cn gi cc th thng bo theo ng yu cu c
th v mi quan tm ring ca bn, d bn mun bit thng tin v mt s cng ty c th, mt s ch s c th th
trng, hoc cc tin gn nht c nh hng ln ti cc loi c phiu trong portfolio ca bn.
Mt trong nhng ngun thng tin ng tin cy nht i vi ngi u t chng khon l trang Internet ca SEC,
M l www.sec.gov. Ngoi ra, cc thng tin v h s nim yt theo yu cu ca SEC cho tng cng ty nim yt
c th truy cp c t c s d liu h thng thng tin trc tuyn c tn gi tt l EDGAR (Electronic Data
Gathering, Analysis and Retrieval System, H thng Truy cp, Phn tch v Tp hp S liu in t).
Vo nm 1998, hot ng mua bn qua Internet chim 10% tng s lng c phn c kinh doanh-c vi ngi
u t c th v t chc. Ti gia nm 1999, t l ny tng ln ti 25% v ngy cng tip tc tng nhanh chng.
Vai tr ca U ban qun l cc s giao dch v chng khon (SEC)
Trong bi cnh cuc i Suy thoi kinh t (1929-33) v cc v b bi ln v ti chnh, chng khon, chnh ph lin
bang M thit lp c quan iu hnh SEC (Securities and Exchange Commission) vo nm 1934. Nhim v ca U
ban ny l qun l cc th trng chng khon. Khi cn thit, SEC ra cc quy nh bt buc v chng khon vi
nhiu bin php trng pht, t pht tin ti truy t. Ni mt cch n gin, vai tr ca SEC l vai tr kp sau:
m bo rng ngi u t vo chng khon c thng tin y v cc chng khon ang c cho bn trn
th trng;
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Phng nga ti a cc bn trnh by, tng trnh thng bo khng trung thc, s la di v cc loi la o khc
trong cc hot ng giao dch chng khon.
y ban ny cng gim st cc hnh vi bun bn ni gin (insider trading), thng xy ra khi cc cn b, nhn vin
ca cc cng ty mua hoc bn c phn ca chnh cng ty mnh. Cc quyt nh u t ca h b nh hng bi
lng thng tin h c v chnh cng ty, v cc s kin din ra bn trong cng ty v trin vng ca cng ty .
Vic nhn vin, cng chc cc cng ty mua v bn cc c phiu ny l hon ton hp php, min l h tun th
theo cc quy tc v thng bo cng khai v hot ng mua bn ca h. Trn thc t, vic theo st hnh vi mua bn
hp l ca nhng ngi nm bn trong cng ty c th l mt du hiu rt c gi tr, c th cung cp nhn bit v xu
hng ca gi c trong mt tng lai no .
Nhng cc cng chc cng ty-hoc cc c vn ti chnh, php l ca h-c th nhn bit cc vn kh khn ni b
hoc cc s kin c th dn ti nh hng mnh ln gi c phiu ca cng ty. Nu h tm cch thao tng, iu
khin hot ng kinh doanh trc li t khi lng thng tin trc khi c phiu c giao dch trong cng chng,
hot ng kinh doanh loi hon ton l phi php. Tng t vy, vic che du hot ng mua bn giao dch vi
mt bn th 3-chng hn ngi nh, ngi thn-cng hon ton bt hp php.
Trn bng giy dnh
Trc khi c s pht trin mnh m v h thng bo ch thng tin in t v cc my tnh c nhn, bng giy dnh l
mt phn cuc i ca cc nh mi gii. l di bng nh my ghi cc k hiu c phiu, v cc thng tin lin
quan. Ln u tin ngi ta s dng n l nm 1867 v thu my in vi gi 6 -la mt tun. Trn bng giy c ghi
cc mc gi cp nht nht v quy m ca tng giao dch vi tng c phiu trn Ph Wall, hu nh ngay lp tc khi
lnh khp v gi thay i. Ngy nay, rt kh c th cn tm thy loi bng giy dnh cha thng tin loi ny trn Ph
Wall-hoc bt k u trn th gii, bi l cc thng tin c cung cp qua cc h thng in t. Thm ch khi c
cung cp cc bng ny u cui khu Manhattan ca New York, th vn c nhng m ng cm trn tay cc
mu tin ct t chnh my tnh in t.

Su tm
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March 25, 2007 Tng Hp v C Phiu

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Kinh Doanh L Vn Minh